Growth Stock Portfolio: 5 Stock Picks by Carl C. Icahn

3. Southwest Gas Holdings, Inc. (NYSE:SWX)

Icahn Capital LP’s Stake: $483 Million

Southwest Gas Holdings, Inc. (NYSE:SWX) is a long-term holding in the 13F portfolio of Icahn Capital. The fund first disclosed a stake in the company back in the third quarter of 2021. This position comprised 1.2 million shares. It steadily added to the stake in the coming quarters, growing it to 11 million shares by the third quarter of 2023. In late 2024, the fund started trimming this holding. Filings for the fourth quarter of 2025 show that the fund owned 6 million shares in the firm, the same as in the previous quarter. Southwest Gas purchases, distributes, and transports natural gas for residential, commercial, and industrial customers in Arizona, Nevada, and California in the United States. The company offers tariff sales and transportation services. It also operates a pipeline transmission system.

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Despite a slight earnings miss in Q1 2026 by Southwest Gas Holdings, Inc. (NYSE:SWX), EPS of $1.91 vs. $2.04 forecast, institutional investors are looking past the noise toward margin recognition. A significant portion of the Q1 shortfall was due to a delayed decision in the California general rate case. Management confirmed in May 2026 that they expect to book this missing margin in subsequent quarters, creating an earnings tailwind for the rest of the year. The company has requested a $71 million revenue increase in Nevada, with new rates expected to go live in October 2026.